Old Market Capital (OMCC) 10-Q 11 Aug 14 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Jun. 30, 2014	Jul. 30, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'NICHOLAS FINANCIAL INC	'
Entity Central Index Key	'0001000045	'
Trading Symbol	'nick	'
Current Fiscal Year End Date	'--03-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock Shares Outstanding	'	12,273,734
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q1	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Mar. 31, 2014
Assets	'	'
Cash	$2,290,969	$2,635,036
Finance receivables, net	278,173,259	269,343,595
Assets held for resale	2,040,030	1,696,330
Income taxes receivable	'	1,093,682
Prepaid expenses and other assets	814,146	891,044
Property and equipment, net	897,111	869,693
Interest rate swap agreements	59,998	183,603
Deferred income taxes	7,009,056	6,716,596
Total assets	291,284,569	283,429,579
Liabilities and shareholders' equity	'	'
Line of credit	131,400,000	127,900,000
Drafts payable	1,623,610	2,338,561
Accounts payable and accrued expenses	7,581,169	8,924,919
Interest rate swap agreements	88,682	'
Income taxes payable	936,646	'
Deferred revenues	2,583,798	2,328,544
Total liabilities	144,213,905	141,492,024
Shareholders' equity	'	'
Preferred stock, no par: 5,000,000 shares authorized; none issued	'	'
Common stock, no par: 50,000,000 shares authorized; 12,273,734 and 12,220,874 shares issued and outstanding, respectively	31,375,702	31,151,781
Retained earnings	115,694,962	110,785,774
Total shareholders' equity	147,070,664	141,937,555
Total liabilities and shareholders' equity	$291,284,569	$283,429,579

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parentheticals) (USD $)	Jun. 30, 2014	Mar. 31, 2014
Statement of Financial Position [Abstract]	'	'
Preferred stock, no par value (in dollars per share)	'	'
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	'	'
Common stock, no par value (in dollars per share)	'	'
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	12,273,734	12,220,874
Common stock, shares, outstanding	12,273,734	12,220,874

Consolidated_Statements_of_Inc

Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]	'	'
Interest and fee income on finance receivables	$21,332,514	$20,475,735
Expenses:	'	'
Marketing	402,867	396,074
Salaries and employee benefits	5,221,180	4,851,450
Professional fees	617,848	468,403
Administrative	2,376,124	2,132,543
Provision for credit losses	4,231,815	2,641,791
Dividend taxes	'	73,019
Depreciation	90,583	75,335
Interest expense	1,448,585	1,404,906
Change in fair value of interest rate swap agreements	212,287	-833,259
Total operating expenses	14,601,289	11,210,262
Operating income before income taxes	6,731,225	9,265,473
Income tax expense	1,822,037	3,564,980
Net income	$4,909,188	$5,700,493
Earnings per share:	'	'
Basic (in dollars per share)	$0.40	$0.47
Diluted (in dollars per share)	$0.40	$0.46
Dividends declared per share (in dollars per share)	'	$0.12

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities	'	'
Net income	$4,909,188	$5,700,493
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation	90,583	75,335
Gain on sale of property and equipment	'	-2,013
Provision for credit losses	4,231,815	2,641,791
Amortization of dealer discounts	-3,283,641	-2,974,446
Deferred income taxes	-292,460	858,193
Share-based compensation	116,023	122,259
Change in fair value of interest rate swap agreements	212,287	-833,259
Changes in operating assets and liabilities:	'	'
Prepaid expenses and other assets	76,898	-2,958
Accounts payable and accrued expenses	-1,343,750	-740,518
Income taxes receivable/payable	2,030,328	2,603,069
Deferred revenues	255,254	240,923
Net cash provided by operating activities	7,002,525	7,688,869
Cash flows from investing activities	'	'
Purchase and origination of finance receivables	-43,142,921	-39,328,663
Principal payments received	33,365,083	34,229,127
Increase in assets held for resale	-343,700	-578,359
Purchase of property and equipment	-118,001	-101,122
Proceeds from sale of property and equipment	'	12,800
Net cash used in investing activities	-10,239,539	-5,766,217
Cash flows from financing activities	'	'
Net draws on line of credit	3,500,000	521,510
Change in drafts payable	-714,951	-272,791
Payment of cash dividends	'	-1,460,372
Proceeds from exercise of stock options	71,716	83,140
Excess tax benefits from share-based compensation	36,182	67,096
Net cash provided (used) by financing activities	2,892,947	-1,061,417
Net (decrease) increase in cash	-344,067	861,235
Cash, beginning of period	2,635,036	2,797,716
Cash, end of period	$2,290,969	$3,658,951

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation Of Financial Statements [Abstract]	'
Basis of Presentation	'
	1. Basis of Presentation
	The accompanying consolidated balance sheet as of March 31, 2014, which has been derived from audited financial statements, and the accompanying unaudited interim consolidated financial statements of Nicholas Financial, Inc. (including its subsidiaries, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q pursuant to the Securities and Exchange Act of 1934, as amended in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements, although the Company believes that the disclosures made are adequate to ensure the information is not misleading. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year ending March 31, 2015. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2014 as filed with the Securities and Exchange Commission on June 16, 2014. The March 31, 2014 consolidated balance sheet included herein has been derived from the March 31, 2014 audited consolidated balance sheet included in the aforementioned Form 10-K.
	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on finance receivables and the fair value of interest rate swap agreements.

Revenue_Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2014
Deferred Revenue Disclosure [Abstract]	'
Revenue Recognition	'
	2. Revenue Recognition
	Finance receivables consist of automobile finance installment contracts (“Contracts”) and direct consumer loans (“Direct Loans”). Interest income on finance receivables is recognized using the interest method. Accrual of interest income on finance receivables is suspended when a loan enters bankruptcy status, is contractually delinquent for 60 days or more or the collateral is repossessed, whichever is earlier. Chapter 13 bankrupt accounts are accounted for under the cost-recovery method. Interest income on Chapter 13 bankrupt accounts does not resume until all principal amounts are recovered (see Note 4).
	A dealer discount represents the difference between the finance receivable, net of unearned interest, of a Contract, and the amount of money the Company actually pays for the Contract. The discount negotiated by the Company is a function of the lender, the wholesale value of the vehicle and competition in any given market. In making decisions regarding the purchase of a particular Contract the Company considers the following factors related to the borrower: place and length of residence; current and prior job status; history in making installment payments for automobiles; current income; and credit history. In addition, the Company examines its prior experience with Contracts purchased from the dealer from which the Company is purchasing the Contract, and the value of the automobile in relation to the purchase price and the term of the Contract. The entire amount of discount is amortized as an adjustment to yield using the interest method over the life of the loan. The average dealer discount associated with new volume for the three months ended June 30, 2014 and 2013 was 8.19% and 8.35%, respectively in relation to the total amount financed. The decrease in the average dealer discount is due to an increase in competition.
	Gross finance receivables represent principal balance plus unearned income. The amount of future unearned income is computed as the product of the Contract rate, the Contract term, and the Contract amount.
	Deferred revenues consist primarily of commissions received from the sale of ancillary products. These products include automobile warranties, roadside assistance programs, accident and health insurance, credit life insurance and forced placed automobile insurance. These commissions are amortized over the life of the contract using the interest method.
	The Company’s net costs for originating direct loans are recognized as an adjustment to the yield and are amortized over the life of the loan using the interest method.

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	3. Earnings Per Share
	Basic earnings per share is calculated by dividing the reported net income for the period by the weighted average number of shares of common stock outstanding. Diluted earnings per share includes the effect of dilutive options and other share awards. Basic and diluted earnings per share have been computed as follows:
		Three months ended
		June 30,
		2014		2013
	Numerator for earnings per share – net income	$	4,909,188	$	5,700,493
	Denominator:
	Denominator for basic earnings per share – weighted average shares		12,178,293		12,065,012
	Effect of dilutive securities:
	Stock options and other share awards		184,909		222,480
	Denominator for diluted earnings per share		12,363,202		12,287,492
	Earnings per share:
	Basic	$	0.4	$	0.47
	Diluted	$	0.4	$	0.46
	For the three months ended June 30, 2014 and 2013, potential common stock from stock options totaling 90,000 and 10,000, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.

Finance_Receivables

Finance Receivables	3 Months Ended
	Jun. 30, 2014
Receivables [Abstract]	'
Finance Receivables	'
	4. Finance Receivables
	Finance receivables consist of automobile finance installment Contracts and Direct Loans and are detailed as follows:
		June 30,			March 31,
		2014			2014
	Finance receivables, gross contract	$	440,506,362		$	424,344,193
	Unearned interest		(130,935,575	)		(124,306,969	)
	Finance receivables, net of unearned interest		309,570,787			300,037,224
	Unearned dealer discounts		(17,756,663	)		(17,214,269	)
	Finance receivables, net of unearned interest and unearned dealer discounts		291,814,124			282,822,955
	Allowance for credit losses		(13,640,865	)		(13,479,360	)
	Finance receivables, net	$	278,173,259		$	269,343,595
	The terms of the Contracts range from 12 to 72 months and the Direct Loans range from 6 to 48 months. The Contracts and Direct Loans bear a weighted average effective interest rate of 23.03% and 26.37% as of June 30, 2014, respectively and 23.08% and 26.32% as of March 31, 2014, respectively.
	Finance receivables consist of Contracts and Direct Loans, each of which comprises a portfolio segment. Each portfolio segment consists of smaller balance homogeneous loans which are collectively evaluated for impairment.
	The following table sets forth a reconciliation of the changes in the allowance for credit losses on Contracts:
		Three months ended
		June 30,
		2014			2013
	Balance at beginning of period	$	12,889,082		$	16,090,652
	Current period provision		4,073,398			2,494,430
	Losses absorbed		(4,849,623	)		(4,648,976	)
	Recoveries		821,048			875,067
	Balance at end of period	$	12,933,905		$	14,811,173
	The Company purchases Contracts from automobile dealers at a negotiated price that is less than the original principal amount being financed by the purchaser of the automobile. The Contracts are predominately for used vehicles. As of June 30, 2014, the average model year of vehicles collateralizing the portfolio was a 2006 vehicle. The average loan to value ratio, which expresses the amount of the Contract as a percentage of the value of the automobile, is approximately 95%. The Company utilizes a static pool approach to track portfolio performance. If the allowance for credit losses is determined to be inadequate for a static pool, then an additional charge to income through the provision is used to maintain adequate reserves based on management’s evaluation of the risk inherent in the loan portfolio, the composition of the portfolio, and current economic conditions. Such evaluation, considers among other matters, the estimated net realizable value or the fair value of the underlying collateral, economic conditions, historical loan loss experience, management’s estimate of probable credit losses and other factors that warrant recognition in providing for an adequate allowance for credit losses.
	The following table sets forth a reconciliation of the changes in the allowance for credit losses on Direct Loans:
		Three months ended
		June 30,
		2014			2013
	Balance at beginning of period	$	590,278		$	467,917
	Current period provision		158,418			147,361
	Losses absorbed		(54,101	)		(27,586	)
	Recoveries		12,365			4,189
	Balance at end of period	$	706,960		$	591,881
	Direct Loans are originated directly between the Company and the consumer. These loans are typically for amounts ranging from $1,000 to $8,000 and are generally secured by a lien on an automobile, watercraft or other permissible tangible personal property. The majority of Direct Loans are originated with current or former customers under the Company’s automobile financing program. The typical Direct Loan represents a significantly better credit risk than our typical Contract due to the customer’s historical payment history with the Company. In deciding whether or not to make a loan, the Company considers the individual’s credit history, job stability, income and impressions created during a personal interview with a Company loan officer. Additionally, because most of Direct Loans made by the Company to date have been made to borrowers under Contracts previously purchased by the Company, the payment history of the borrower under the Contract is a significant factor in making the loan decision. As of June 30, 2014, loans made by the Company pursuant to its Direct Loan program constituted approximately 3% of the aggregate principal amount of the Company’s loan portfolio.
	Changes in the allowance for credit losses for both Contracts and Direct Loans were driven by current economic conditions and trends over several reporting periods which are useful in estimating future losses and overall portfolio performance.
	A performing account is defined as an account that is less than 61 days past due. A non-performing account is defined as an account that is contractually delinquent for 61 days or more and the accrual of interest income is suspended. When an account is 120 days contractually delinquent, the account is written off. Upon notification of a Chapter 13 bankruptcy, an account is monitored for collection with other Chapter 13 bankrupt accounts. In the event the debtors balance has been reduced by the bankruptcy court, the Company will record a loss equal to the amount of principal balance reduction. The remaining balance will be reduced as payments are received by the bankruptcy court. In the event an account is dismissed from bankruptcy, the Company will decide, based on several factors, to begin repossession proceedings to allow the customer to begin making regularly scheduled payments.
	The following table is an assessment of the credit quality by creditworthiness:
		June 30,						June 30,
		2014						2013
		Contracts			Direct Loans			Contracts			Direct Loans
	Performing accounts	$	420,006,795		$	11,118,330		$	396,448,006		$	9,613,865
	Non-performing accounts		5,889,676			57,331			4,470,426			41,083
	Total	$	425,896,471		$	11,175,661		$	391,977,580		$	9,654,948
	Chapter 13 bankrupt accounts		3,406,706			27,458			1,802,820			11,922
	Finance receivables, gross contract	$	429,303,240		$	11,203,119		$	393,780,400		$	9,666,870
	The following tables present certain information regarding the delinquency rates experienced by the Company with respect to Contracts and under its Direct Loans, excluding Chapter 13 bankrupt accounts:
	Contracts	Gross Balance			31 – 60 days			61 – 90 days			Over 90 days			Total
		Outstanding
	30-Jun-14	$	425,896,471		$	16,433,351		$	4,346,201		$	1,543,475		$	22,323,027
						3.86	%		1.02	%		0.36	%		5.24	%
	30-Jun-13	$	391,977,580		$	12,506,882		$	3,138,575		$	1,331,851		$	16,977,308
						3.19	%		0.8	%		0.34	%		4.33	%
	Direct Loans	Gross Balance			31 – 60 days			61 – 90 days			Over 90 days			Total
		Outstanding
	30-Jun-14	$	11,175,661		$	183,159		$	41,491		$	15,840		$	240,490
						1.64	%		0.37	%		0.14	%		2.15	%
	30-Jun-13	$	9,654,948		$	79,552		$	27,046		$	14,037		$	120,635
						0.82	%		0.28	%		0.15	%		1.25	%

Line_of_Credit

Line of Credit	3 Months Ended
	Jun. 30, 2014
Line Of Credit Facility [Abstract]	'
Line of Credit	'
	5. Line of Credit
	The Company has a line of credit facility (the “Line”) up to $150,000,000. The pricing of the Line, which expires on November 30, 2014, is 300 basis points above 30-day LIBOR with a 1% floor on LIBOR (4.00% at June 30, 2014 and March 31, 2014). Pledged as collateral for this Line are all of the assets of the Company. The outstanding amount of the Line was $131,400,000 and $127,900,000 as of June 30, 2014 and March 31, 2014, respectively. The amount available under the Line was approximately $18,600,000 and $22,100,000 as of June 30, 2014 and March 31, 2014, respectively.
	The facility requires compliance with certain financial ratios and covenants and satisfaction of specified financial tests, including maintenance of asset quality and performance tests. Dividends do not require consent in writing by the agent and majority lenders under the new facility as long as the Company is in compliance with a net income covenant. As of June 30, 2014, the Company was in full compliance with all debt covenants.

Interest_Rate_Swap_Agreements

Interest Rate Swap Agreements	3 Months Ended
	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Interest Rate Swap Agreements	'
	6. Interest Rate Swap Agreements
	The Company utilizes interest rate swap agreements to manage exposure to variability in expected cash flows attributable to interest rate risk. The interest rate swap agreements convert a portion of the floating rate debt to a fixed rate, more closely matching the interest rate characteristics of finance receivables.
	The following table summarizes the activity in the notional amounts of interest rate swap agreements:
		Three months ended June 30,
		2014			2013
	Notional amounts at April 1	$	50,000,000		$	50,000,000
	New contracts		—			—
	Matured contracts		—			—
	Notional amounts at June 30	$	50,000,000		$	50,000,000
	The Company currently has two interest rate swap agreements. A June 4, 2012 interest rate swap agreement provides for a five-year interest rate swap in which the Company pays a fixed rate of 1% and receives payments from the counterparty on the 1-month LIBOR rate. This interest rate swap agreement has an effective date of June 13, 2012 and a notional amount of $25,000,000. A July 30, 2012 agreement provides for a five-year interest rate swap in which the Company pays a fixed rate of 0.87% and receives payments from the counterparty on the 1-month LIBOR rate. This interest rate swap agreement has an effective date of August 13, 2012 and a notional amount of $25,000,000.
	The locations and amounts of (gains) losses in income are as follows:
		Three months ended
		June 30,
		2014			2013
	Periodic change in fair value of interest rate swap agreements	$	212,287		$	(833,259	)
	Periodic settlement differentials included in interest expense		98,992			93,314
	Total	$	311,279		$	(739,945	)
	Net realized gains and losses from the interest rate swap agreements were recorded in the interest expense line item of the consolidated statements of income. The following table summarizes the average variable rates received and average fixed rates paid under the swap agreements.
		Three months ended
		June 30,
		2014			2013
	Variable rate received		0.15	%		0.2	%
	Fixed rate paid		0.94	%		0.94	%

Income_Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	7. Income Taxes
	The provision for income taxes decreased to approximately $1.8 million for the three months ended June 30, 2014 from approximately $3.6 million for the three months ended June 30, 2013. The Company’s effective tax rate decreased to 27.07% for the three months ended June 30, 2014 from 38.48% for the three months ended June 30, 2013. The decrease in the effective tax rate is related to certain professional fees associated with the potential sale of the Company becoming deductible during the three months ended June 30, 2014 when the Arrangement Agreement was terminated.

Fair_Value_Disclosures

Fair Value Disclosures	3 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures	'
	8. Fair Value Disclosures
	The Company measures specific assets and liabilities at fair value, which is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When applicable, the Company utilizes market data or assumptions that market participants would use in pricing the asset or liability under a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions.
	Assets and Liabilities Recorded at Fair Value on a Recurring Basis
	The Company estimates the fair value of interest rate swap agreements based on the estimated net present value of the future cash flows using a forward interest rate yield curve in effect as of the measurement period, adjusted for nonperformance risk, if any, including a quantitative and qualitative evaluation of both the Company’s credit risk and the counterparty’s credit risk. Accordingly, the Company classifies interest rate swap agreements as Level 2.
		Fair Value Measurement Using
	Description	Level 1		Level 2			Level 3		Fair Value
	Interest rate swap agreements:
	June 30, 2014:
	Effective June 13, 2012 - liability	$	—	$	(88,682	)	$	—	$	(88,682	)
	Effective August 13, 2012 - asset		—	$	59,998			—	$	59,998
	March 31, 2014 - asset	$	—	$	183,603		$	—	$	183,603
	Financial Instruments Not Measured at Fair Value
	The Company’s financial instruments consist of finance receivables and the Line. For each of these financial instruments the carrying value approximates fair value.
	Finance receivables, net approximates fair value based on the price paid to acquire indirect loans. The price paid reflects competitive market interest rates and purchase discounts for the Company’s chosen credit grade in the economic environment. This market is highly liquid as the Company acquires individual loans on a daily basis from dealers. The initial terms of the Contracts range from 12 to 72 months. The initial terms of the Direct Loans range from 6 to 48 months. In addition, there have been minimal changes in interest rates and purchase discounts related to these types of loans. If liquidated outside of the normal course of business, the amount received may not be the carrying value.
	Based on current market conditions, any new or renewed credit facility would contain pricing that approximates the Company’s current Line. Based on these market conditions, the fair value of the Line as of June 30, 2014 was estimated to be equal to the book value. The interest rate for the Line is a variable rate based on LIBOR pricing options.
		Fair Value Measurement Using
	Description	Level 1		Level 2			Level 3		Fair Value
	Finance receivables:
	30-Jun-14	$	—	$	—		$	278,173,000	$	278,173,000
	31-Mar-14	$	—	$	—		$	269,344,000	$	269,344,000
	Line of credit:
	30-Jun-14	$	—	$	131,400,000		$	—	$	131,400,000
	31-Mar-14	$	—	$	127,900,000		$	—	$	127,900,000
	Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis
	The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a nonrecurring basis. The Company does not currently have any assets or liabilities measured at fair value on a nonrecurring basis.

Cash_Dividend

Cash Dividend	3 Months Ended
	Jun. 30, 2014
Dividends [Abstract]	'
Cash Dividend	'
	9. Cash Dividend
	Dividends were not declared or paid during the three months ended June 30, 2014. On May 7, 2013 the Board of Directors announced a quarterly cash dividend equal to $0.12 per common share, to be paid on June 28, 2013 to shareholders of record as of June 21, 2013.
	Payment of cash dividends results in a 5% withholding tax payable by the Company under the Canada-United States Income Tax Convention which is included in earnings under the caption of dividend tax.

Contingencies

Contingencies	3 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Contingencies	'
	10. Contingencies
	The following is a brief summary of litigation filed against the Company and its directors related to the Arrangement contemplated in the recently terminated Arrangement Agreement between the Company, on the one hand, and Prospect Capital Corporation (“Prospect”) and three of its subsidiaries, on the other hand:
	Jason Simpson v. Nicholas Financial, Inc., et al., Case No. 13-011726-CI (Circuit Court, Pinellas County, Florida), filed December 24, 2013; Gabriella Rago v. Nicholas Financial, Inc., et al., Case No. 8:13-cv-03261-VMC-TGW (U.S. District Court, Tampa, Florida), filed December 30, 2013; Matthew John Leonard v. Nicholas Financial, Inc., et al., Case No. 13-011811-CI (Circuit Court, Pinellas County, Florida), filed December 31, 2013; Michelangelo Lombardo v. Nicholas Financial, Inc., et al., Case No. 14-000095-CI (Circuit Court, Pinellas County, Florida), filed January 3, 2014; Edward Opton v. Stephen Bragin, et al., Case No. 14-000139-CI (Circuit Court, Pinellas County, Florida), filed January 6, 2014; Marvin Biver v. Nicholas Financial, Inc., et al., Case No. 8:14-cv-00250-VMC-TGW (U.S. District Court, Tampa, Florida), filed February 3, 2014; and Richard Abrons v. Nicholas Financial, Inc., et al., Case No. 8:14-cv-00583-VMC-TGW (U.S. District Court, Tampa, Florida), filed March 10, 2014. These seven substantially similar lawsuits were filed in connection with the Arrangement contemplated in the Arrangement Agreement between the Company, on the one hand, and Prospect and three Prospect subsidiaries, on the other hand. On April 30, 2014, the Biver and the Abrons lawsuits were consolidated (hereafter, the “Biver lawsuit”). On May 8, 2014, the Rago lawsuit was voluntarily dismissed.
	Each plaintiff to the lawsuits purported to represent a class of all of the Company’s shareholders other than the defendants and any person or entity related to or affiliated with any defendant. Each plaintiff alleged that the consideration to be paid for the Company’s Common Shares was inadequate and that certain terms of the Arrangement Agreement were contrary to the interests of the Company’s public shareholders. Each plaintiff sought declaratory relief, injunctive relief, other equitable relief and/or unspecified damages with respect to the proposed transaction. Each plaintiff, except for the plaintiffs in the Biver lawsuit, also sought an award of attorneys’ fees. From July 8, 2014 to July 15, 2014, following the Company’s June 12, 2014 announcement that the Company’s Board of Directors had determined to terminate the Arrangement Agreement, each pending lawsuit was voluntarily dismissed. No monies or other consideration were exchanged between the plaintiffs and defendants.
	The Company currently is not a party to any pending legal proceedings other than ordinary routine litigation incidental to its business, none of which, if decided adversely to the Company, would, in the opinion of management, have a material adverse effect on the Company’s financial condition or results of operations.

Recently_Issued_Accounting_Sta

Recently Issued Accounting Standards	3 Months Ended
	Jun. 30, 2014
Accounting Changes and Error Corrections [Abstract]	'
Recently Issued Accounting Standards	'
	11. Recently Issued Accounting Standards
	In May 2014, the FASB issued ASU No. 2014-09, Summary and Amendments That Create Revenue from Contracts with Customers (Topic 660) and Other Assets and Deferred Costs-Contracts with Customer (Subtopic 340-40). ASU 2014-09 sets new guidance to clarify principles for recognizing revenue and develop a common revenue standard with the International Accounting Standards Board. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is currently evaluating the effect of adopting ASU No. 2014-09 on its consolidated financial statements.
	The Company does not believe there are any other recently issued accounting standards that have not yet been adopted that will have a material impact on the Company’s consolidated financial statements.

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of computation of basic and diluted earnings per share	'
		Three months ended
		June 30,
		2014		2013
	Numerator for earnings per share – net income	$	4,909,188	$	5,700,493
	Denominator:
	Denominator for basic earnings per share – weighted average shares		12,178,293		12,065,012
	Effect of dilutive securities:
	Stock options and other share awards		184,909		222,480
	Denominator for diluted earnings per share		12,363,202		12,287,492
	Earnings per share:
	Basic	$	0.4	$	0.47
	Diluted	$	0.4	$	0.46

Finance_Receivables_Tables

Finance Receivables (Tables)	3 Months Ended
	Jun. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Schedule of finance receivables consisting of automobile finance installment Contracts and Direct Loans	'
		June 30,			March 31,
		2014			2014
	Finance receivables, gross contract	$	440,506,362		$	424,344,193
	Unearned interest		(130,935,575	)		(124,306,969	)
	Finance receivables, net of unearned interest		309,570,787			300,037,224
	Unearned dealer discounts		(17,756,663	)		(17,214,269	)
	Finance receivables, net of unearned interest and unearned dealer discounts		291,814,124			282,822,955
	Allowance for credit losses		(13,640,865	)		(13,479,360	)
	Finance receivables, net	$	278,173,259		$	269,343,595
Schedule of an assessment of the credit quality by creditworthiness	'
		June 30,						June 30,
		2014						2013
		Contracts			Direct Loans			Contracts			Direct Loans
	Performing accounts	$	420,006,795		$	11,118,330		$	396,448,006		$	9,613,865
	Non-performing accounts		5,889,676			57,331			4,470,426			41,083
	Total	$	425,896,471		$	11,175,661		$	391,977,580		$	9,654,948
	Chapter 13 bankrupt accounts		3,406,706			27,458			1,802,820			11,922
	Finance receivables, gross contract	$	429,303,240		$	11,203,119		$	393,780,400		$	9,666,870
Schedule of information regarding delinquency rates	'
	Contracts	Gross Balance			31 – 60 days			61 – 90 days			Over 90 days			Total
		Outstanding
	June 30, 2014	$	425,896,471		$	16,433,351		$	4,346,201		$	1,543,475		$	22,323,027
						3.86	%		1.02	%		0.36	%		5.24	%
	June 30, 2013	$	391,977,580		$	12,506,882		$	3,138,575		$	1,331,851		$	16,977,308
						3.19	%		0.8	%		0.34	%		4.33	%
	Direct Loans	Gross Balance			31 – 60 days			61 – 90 days			Over 90 days			Total
		Outstanding
	June 30, 2014	$	11,175,661		$	183,159		$	41,491		$	15,840		$	240,490
						1.64	%		0.37	%		0.14	%		2.15	%
	June 30, 2013	$	9,654,948		$	79,552		$	27,046		$	14,037		$	120,635
						0.82	%		0.28	%		0.15	%		1.25	%
Contracts	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Schedule of reconciliation of the changes in the allowance for credit losses	'
		Three months ended June 30,
		2014			2013
	Balance at beginning of period	$	12,889,082		$	16,090,652
	Current period provision		4,073,398			2,494,430
	Losses absorbed		(4,849,623	)		(4,648,976	)
	Recoveries		821,048			875,067
	Balance at end of period	$	12,933,905		$	14,811,173
Direct Loans	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Schedule of reconciliation of the changes in the allowance for credit losses	'
		Three months ended June 30,
		2014			2013
	Balance at beginning of period	$	590,278		$	467,917
	Current period provision		158,418			147,361
	Losses absorbed		(54,101	)		(27,586	)
	Recoveries		12,365			4,189
	Balance at end of period	$	706,960		$	591,881

Interest_Rate_Swap_Agreements_

Interest Rate Swap Agreements (Tables)	3 Months Ended
	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Schedule of notional amounts of interest rate swaps	'
		Three months ended June 30,
		2014			2013
	Notional amounts at April 1	$	50,000,000		$	50,000,000
	New contracts		—			—
	Matured contracts		—			—
	Notional amounts at June 30	$	50,000,000		$	50,000,000
Schedule of locations and amounts of (gains) losses recognized in income	'
		Three months ended
		June 30,
		2014			2013
	Periodic change in fair value of interest rate swap agreements	$	212,287		$	(833,259	)
	Periodic settlement differentials included in interest expense		98,992			93,314
	Total	$	311,279		$	(739,945	)
Schedule of variable rates received and average fixed rates paid under the swap agreements	'
		Three months ended
		June 30,
		2014			2013
	Variable rate received		0.15	%		0.2	%
	Fixed rate paid		0.94	%		0.94	%

Fair_Value_Disclosures_Tables

Fair Value Disclosures (Tables)	3 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Schedule of assets and liabilities recorded at fair value on a recurring basis	'
		Fair Value Measurement Using
	Description	Level 1		Level 2			Level 3		Fair Value
	Interest rate swap agreements:
	June 30, 2014:
	Effective June 13, 2012 - liability	$	—	$	(88,682	)	$	—	$	(88,682	)
	Effective August 13, 2012 - asset		—	$	59,998			—	$	59,998
	March 31, 2014 - asset	$	—	$	183,603		$	—	$	183,603
Schedule of financial instruments not measured at fair value	'
		Fair Value Measurement Using
	Description	Level 1		Level 2			Level 3		Fair Value
	Finance receivables:
	30-Jun-14	$	—	$	—		$	278,173,000	$	278,173,000
	31-Mar-14	$	—	$	—		$	269,344,000	$	269,344,000
	Line of credit:
	30-Jun-14	$	—	$	131,400,000		$	—	$	131,400,000
	31-Mar-14	$	—	$	127,900,000		$	—	$	127,900,000

Revenue_Recognition_Detail_Tex

Revenue Recognition (Detail Textuals)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Deferred Revenue Disclosure [Abstract]	'	'
Average dealer discount associated with new volume	8.19%	8.35%

Earnings_Per_Share_Basic_and_d

Earnings Per Share - Basic and diluted earnings per share (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share [Abstract]	'	'
Numerator for earnings per share - net income	$4,909,188	$5,700,493
Denominator:	'	'
Denominator for basic earnings per share - weighted average shares	12,178,293	12,065,012
Effect of dilutive securities:	'	'
Stock options and other share awards	184,909	222,480
Denominator for diluted earnings per share	12,363,202	12,287,492
Earnings per share:	'	'
Basic (in dollars per share)	$0.40	$0.47
Diluted (in dollars per share)	$0.40	$0.46

Earnings_Per_Share_Detail_Text

Earnings Per Share (Detail Textuals) (Stock options)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Stock options	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Potential common stock from stock options not included in the diluted earnings per share calculation	90,000	10,000

Finance_Receivables_Finance_re

Finance Receivables - Finance receivables consist of automobile finance installment Contracts and Direct Loans (Details) (USD $)	Jun. 30, 2014	Mar. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Finance receivables, net	$278,173,259	$269,343,595
Finance receivables | Contracts And Direct Loans	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Finance receivables, gross contract	440,506,362	424,344,193
Unearned interest	-130,935,575	-124,306,969
Finance receivables, net of unearned interest	309,570,787	300,037,224
Unearned dealer discounts	-17,756,663	-17,214,269
Finance receivables, net of unearned interest and unearned dealer discounts	291,814,124	282,822,955
Allowance for credit losses	-13,640,865	-13,479,360
Finance receivables, net	$278,173,259	$269,343,595

Finance_Receivables_Summary_of

Finance Receivables - Summary of reconciliation of changes in allowance for credit losses on contracts (Details 1) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Financing Receivable, Allowance for Credit Losses [Roll Forward]	'	'
Current period provision	$4,231,815	$2,641,791
Finance receivables | Contracts	'	'
Financing Receivable, Allowance for Credit Losses [Roll Forward]	'	'
Balance at beginning of period	12,889,082	16,090,652
Current period provision	4,073,398	2,494,430
Losses absorbed	-4,849,623	-4,648,976
Recoveries	821,048	875,067
Balance at end of period	$12,933,905	$14,811,173

Finance_Receivables_Reconcilia

Finance Receivables - Reconciliation of changes in allowance for credit losses on direct loans (Details 2) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Financing Receivable, Allowance for Credit Losses [Roll Forward]	'	'
Current period provision	$4,231,815	$2,641,791
Finance receivables | Direct Loans	'	'
Financing Receivable, Allowance for Credit Losses [Roll Forward]	'	'
Balance at beginning of period	590,278	467,917
Current period provision	158,418	147,361
Losses absorbed	-54,101	-27,586
Recoveries	12,365	4,189
Balance at end of period	$706,960	$591,881

Finance_Receivables_Assessment

Finance Receivables - Assessment of credit quality by creditworthiness (Details 3) (Finance receivables, USD $)	Jun. 30, 2014	Jun. 30, 2013
Contracts	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Total	$425,896,471	$391,977,580
Finance receivables, gross contract	429,303,240	393,780,400
Contracts | Performing accounts	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Total	420,006,795	396,448,006
Contracts | Non-performing accounts	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Total	5,889,676	4,470,426
Contracts | Chapter 13 bankrupt accounts	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Finance receivables, gross contract	3,406,706	1,802,820
Direct Loans	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Total	11,175,661	9,654,948
Finance receivables, gross contract	11,203,119	9,666,870
Direct Loans | Performing accounts	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Total	11,118,330	9,613,865
Direct Loans | Non-performing accounts	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Total	57,331	41,083
Direct Loans | Chapter 13 bankrupt accounts	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Finance receivables, gross contract	$27,458	$11,922

Finance_Receivables_Informatio

Finance Receivables - Information regarding delinquency rates with respect to contracts and direct loans (Details 4) (Finance receivables, USD $)	Jun. 30, 2014	Jun. 30, 2013
Contracts	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Gross Balance Outstanding	$425,896,471	$391,977,580
31 - 60 days	16,433,351	12,506,882
31 - 60 days (in percentage)	3.86%	3.19%
61 - 90 days	4,346,201	3,138,575
61 - 90 days (in percentage)	1.02%	0.80%
Over 90 days	1,543,475	1,331,851
Over 90 days (in percentage)	0.36%	0.34%
Total	22,323,027	16,977,308
Total (in percentage)	5.24%	4.33%
Direct Loans	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Gross Balance Outstanding	11,175,661	9,654,948
31 - 60 days	183,159	79,552
31 - 60 days (in percentage)	1.64%	0.82%
61 - 90 days	41,491	27,046
61 - 90 days (in percentage)	0.37%	0.28%
Over 90 days	15,840	14,037
Over 90 days (in percentage)	0.14%	0.15%
Total	$240,490	$120,635
Total (in percentage)	2.15%	1.25%

Finance_Receivables_Detail_Tex

Finance Receivables (Detail Textuals) (USD $)	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2014	Jun. 30, 2014
			Finance receivables	Finance receivables	Finance receivables	Finance receivables	Finance receivables	Finance receivables	Finance receivables	Finance receivables
			Contracts	Contracts	Contracts	Contracts	Direct Loans	Direct Loans	Direct Loans	Direct Loans
					Minimum	Maximum			Minimum	Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'	'	'	'	'
Initial term of finance receivables	'	'	'	'	'12 months	'72 months	'	'	'6 months	'48 months
Weighted average effective interest rate	'	'	23.03%	23.08%	'	'	26.37%	26.32%	'	'
Finance receivables, net	$278,173,259	$269,343,595	'	'	'	'	'	'	$1,000	$8,000
Percentage of direct loan to aggregate principal amount of loan portfolio	'	'	'	'	'	'	3.00%	'	'	'

Finance_Receivables_Detail_Tex1

Finance Receivables (Detail Textuals 1) (Finance receivables, Contracts)	3 Months Ended
	Jun. 30, 2014
Finance receivables | Contracts	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Percentage of average wholesale value of automobile	95.00%

Finance_Receivables_Detail_Tex2

Finance Receivables (Detail Textuals 2)	3 Months Ended
	Jun. 30, 2014
Receivables [Abstract]	'
Maximum criteria for receivable to be a performing account	'61 days
Minimum criteria for receivable to be a non-performing account	'61 days
Criteria for receivable to be delinquent account	'120 days

Line_of_Credit_Detail_Textuals

Line of Credit (Detail Textuals) (USD $)	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014
Line of Credit Facility [Line Items]	'	'
Outstanding amount of line of credit facility	$131,400,000	$127,900,000
Line of credit facility	'	'
Line of Credit Facility [Line Items]	'	'
Maximum amount of line of credit facility	150,000,000	'
Debt instrument basis spread on variable rate	3.00%	'
Debt instrument description of variable rate basis	'30-day LIBOR	'
Floor on LIBOR rate	1.00%	'
Interest rate	4.00%	4.00%
Outstanding amount of line of credit facility	131,400,000	127,900,000
Amount available under the line of credit	$18,600,000	$22,100,000

Interest_Rate_Swap_Agreements_1

Interest Rate Swap Agreements - Summary of activity in notional amounts of interest rate swap agreements (Details) (Interest Rate Swap, USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jul. 30, 2012	Jun. 04, 2012
Interest Rate Swap	'	'	'	'
Derivatives Fair Value [Roll Forward]	'	'	'	'
Notional amounts at April 1	$50,000,000	$50,000,000	$25,000,000	$25,000,000
New contracts	'	'	'	'
Matured contracts	'	'	'	'
Notional amounts at June 30	$50,000,000	$50,000,000	$25,000,000	$25,000,000

Interest_Rate_Swap_Agreements_2

Interest Rate Swap Agreements - Summary of locations and amounts of gains (losses) in income (Details 1) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'	'
Periodic change in fair value of interest rate swap agreements	$212,287	($833,259)
Periodic settlement differentials included in interest expense	98,992	93,314
Total	$311,279	($739,945)

Interest_Rate_Swap_Agreements_3

Interest Rate Swap Agreements - Summary of variable rates received and fixed rates paid under swap (Details 2) (Interest Rate Swap)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Interest Rate Swap	'	'
Derivative [Line Items]	'	'
Variable rate received	0.15%	0.20%
Fixed rate paid	0.94%	0.94%

Interest_Rate_Swap_Agreements_4

Interest Rate Swap Agreements (Detail Textuals) (Interest Rate Swap, USD $)	0 Months Ended	1 Months Ended
	Jun. 04, 2012	Jul. 30, 2012	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2013
			Swap
Interest Rate Swap	'	'	'	'	'	'
Derivatives, Fair Value [Line Items]	'	'	'	'	'	'
Number of interest rate swap agreements	'	'	2	'	'	'
Interest rate swap period	'5 years	'5 years	'	'	'	'
Fixed rate paid	1.00%	0.87%	'	'	'	'
Description of rate for the variable rate of the interest rate	'1-month LIBOR rate	'1-month LIBOR rate	'	'	'	'
Derivative notional amount	$25,000,000	$25,000,000	$50,000,000	$50,000,000	$50,000,000	$50,000,000

Income_Taxes_Detail_Textuals

Income Taxes (Detail Textuals) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Income Tax Disclosure [Abstract]	'	'
Provision for income taxes	$1,822,037	$3,564,980
Income tax rate	27.07%	38.48%

Fair_Value_Disclosures_Assets_

Fair Value Disclosures - Assets and liabilities recorded at fair value on recurring basis (Details) (Recurring Basis, USD $)	Jun. 30, 2014	Mar. 31, 2014
Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Interest rate swap agreements - liability	'	'
Interest rate swap agreements - asset	'	'
Level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Interest rate swap agreements - liability	-88,682	'
Interest rate swap agreements - asset	59,998	183,603
Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Interest rate swap agreements - liability	'	'
Interest rate swap agreements - asset	'	'
Fair Value	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Interest rate swap agreements - liability	-88,682	'
Interest rate swap agreements - asset	$59,998	$183,603

Fair_Value_Disclosures_Summary

Fair Value Disclosures - Summary of financial instruments not measured at fair value (Details 1) (USD $)	Jun. 30, 2014	Mar. 31, 2014
Level 1	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Finance receivables	'	'
Line of credit	'	'
Level 2	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Finance receivables	'	'
Line of credit	131,400,000	127,900,000
Level 3	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Finance receivables	278,173,000	269,344,000
Line of credit	'	'
Fair Value	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Finance receivables	278,173,000	269,344,000
Line of credit	$131,400,000	$127,900,000

Fair_Value_Disclosures_Detail_

Fair Value Disclosures (Detail Textuals) (Finance receivables)	3 Months Ended
	Jun. 30, 2014
Contracts | Minimum	'
Financial Instruments Not Measured At Fair Value [Line Items]	'
Initial term of finance receivables	'12 months
Contracts | Maximum	'
Financial Instruments Not Measured At Fair Value [Line Items]	'
Initial term of finance receivables	'72 months
Direct Loans | Minimum	'
Financial Instruments Not Measured At Fair Value [Line Items]	'
Initial term of finance receivables	'6 months
Direct Loans | Maximum	'
Financial Instruments Not Measured At Fair Value [Line Items]	'
Initial term of finance receivables	'48 months

Cash_Dividend_Detail_Textuals

Cash Dividend (Detail Textuals) (USD $)	0 Months Ended	3 Months Ended
	7-May-13	Jun. 30, 2014
Dividends [Abstract]	'	'
Dividend paid in cash (in dollars per share)	$0.12	'
Dividends payable, date declared	7-May-13	'
Dividends payable, date to be paid	28-Jun-13	'
Dividends payable, date of record	21-Jun-13	'
Withholding tax payable percentage	'	5.00%

Contingencies_Detail_Textuals

Contingencies (Detail Textuals) (Arrangement agreement)	3 Months Ended
	Jun. 30, 2014
	Lawsuit
Arrangement agreement	'
Loss Contingencies [Line Items]	'
Number of filed lawsuits	7